US-based employers announced 23,697 job cuts in July, according to Challenger, Gray & Christmas, Inc. This is down 42% from June.
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US Weekly Jobless Claims Increase in the Week Ending July 29th
The advance figure for seasonally adjusted initial unemployment claims was 227,000 during the week ending Saturday, July 29th. This is an increase of 6,000 from the previous week’s unrevised level.
WestRock Announces Closure of Its Tacoma, Washington, Paper Mill
WestRock Company announced that it was permanently closing its 94-year-old paper mill located in Tacoma, Washington, by September 30th.
Paper Excellence’s Catalyst Crofton Paper Mill Shutdown Extended Through August
Victoria News reports that the Catalyst Crofton Paper Excellence mill will remain temporarily shut down through the month of August.
US Census Bureau Releases Q2 Residential Vacancies and Homeownership Report
The national vacancy rates in Q2 were 6.3% for rental housing and 0.7% for homeowner housing. Year-over-year, the Q2 rental vacancy rate of 6.3% was higher than the 5.6% rate in 2022Q2.
Mortgage Applications Decline in the Week Ending July 28th
According to the Mortgage Bankers Association, mortgage loan application volume decreased 3.0% on a seasonally adjusted basis from one week earlier.
Construction Sector Employment Changed Little in June
The construction labor market experienced little change in the number of job openings in June. The count of open construction jobs declined to 374,000.
ADP® Reports Increased Private Sector Employment but Slower Compensation Growth in July
Nonfarm private sector employment increased by 324,000 jobs in July and annual pay was up 6.2% year-over-year, according to the ADP® National Employment Report™.
US Monthly Construction Spending Increased Month-Over-Month and Year-Over-Year in June
Total construction spending during June was estimated at a seasonally adjusted annual rate (SAAR) of $1,938.4 billion, 0.5% above the revised May estimate of $1,929.6 billion.
First-Time Homebuyers Continue to Struggle to Find Affordable Starter Homes
Redfin reported that a first-time homebuyers must earn approximately $64,500 per year to afford a typical US “starter” home. Year-over-year, the earning level is up 13%, or $7,200.